[deenaleach23]

Assume that weekly payroll of harry's homemade hats is 300 December 31 end of the year falls on mondaay and harry's will pay its emplyee on fri for the full week what adjusting entry will harry's make on Monday December 31 is it salary expense 60 salary payable 60 or salary expense 240 cash 240 or salary payable 300 salary expense 300

[pready]

You have to get the daily rate of payroll first. So take your $300 per week divided by the number of days in the workweek. Since the end of the year is on a Monday you have your one day payroll amount.

Your adjusting entry will be:
Debit Salaries Expense for the amount calculated above
Credit Salaries Payable for the amount calculated above

[sexyred2012]

What types of regulations requiring periodic reporting, both monetary and statistical, come along with the payroll function, and what are the reports required?